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Is a rights issue next for Cobham?

Defence engineer Cobham has issued another profit warning and admitted that its balance sheet is “clearly” not strong enough. A fundraising is the next likely step.

Five weeks ago, I asked whether we could expect another profit warning from Cobham, implying it was likely. Today, that profit warning duly came. Its fifth warning over the course of the last 18 months sent its shares down by more than 20%. Not only that, the group said that delivery of a similar performance to 2016 in 2017 may be challenging – and also hinted that it may need to raise more money to shore up its finances. 

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